Hey team,
I am an NRI and have professional income in India this year.
Since, 44ADA is not applicable to me, I want to claim deductions on my professional income (not more than 50%).

Is auditing also required along with bookkeeping in my case?

what will be consequences in case filling trust return after due date?

When i do reporting in the currency chest audit by mistake not verified is there how i solve this

To
Fellow members
As per Companies Act 2013 Auditors Report should signed by the Statutory auditors.
We noticed that Financial Statements(B/S, P/L, cash flow statements etc) signed by two directors on behalf of the Board and CS &CFO(if any) and also by Stat auditors.
My query is : Is there any legal provision(s) which made the auditors to sign the Financial statements.
More particularly what is the legal logic, on the basis of which auditors signed the Financial Statements.
All fellow members opinion is sought for.
Regards
Abhijit

Dear Experts
Whtats the difference between Vetting of documents and legal opinion

Thanks

Sir/Ma'am,
As per Revised Sch III of Companies Act 2013, Company have to provide Disclosure requirement for the Money Borrowed from Banks /FI which includes:
1)Details of the Fund Raised
2)Name of the Bank/ Financial Institution
3)Purpose for which amount was sanctioned
4)Purpose for which amount was utilized
5)Amount diverted/ remaining unutilized
6)Remarks if any
The information to be provided under this disclosure should be for the period under review i.e. F.Y. 2021 - 2022

Dear Experts,

Please confirm about these expenses book in which head in books.

1) GST auditor bill- We have booked in " Legal and Professional Charges"
Will it be booked under "Audit Expenses"?
2) Transfer pricing audit expenses-We have booked in " Legal and Professional Charges".
Will it be booked under "Audit Expenses"?

The assessee is a proprietor.
For A.Y. 2022-23, his turnover is Rs. 1,84,00,000 (below Rs.2Cr), profit is Rs.1,50,000 ( below 6% of turnover) and total income is below basic exemption limit.

Is audit applicable ?

Small Company Definition
Old - Paid up Capital should not exceed 50 Lakhs & Turnover should not exceed 2 Crores
New Amendment - Paid up Capital should not exceed 2 Crores & Turnover should not exceed 20 Crores

A Private Limited Company being Small Company as per new amendment as stated above but complies with one of the criteria (Loan exceeds the limit) mentioned in CARO 2020 applicability.

Shall CARO will be applicable to the Company as Small Companies are exempt from the CARO applicability as per Section 143(11) of Companies Act ?

Greetings

Can you please share a IS Audit checklist for banks?

Anand